Australian cryptocurrency enthusiasts will be familiar with the company known as CoinJar. While initially intent on building a Bitcoin lending service, the company is now focusing its attention on running a cryptocurrency exchange. It aims to provide Australians with the fastest possible digital currency trading services, although it remains to be seen if that is a realistic goal.
The CoinJar Exchange is Live
While it is heartening to see CoinJar venture into the world of cryptocurrency exchanges, it remains to be seen how its endeavor will play out. It has become apparent that there is a major lack of competition in the country’s crypto economy right now, especially where on-ramps for fiat currency are concerned. Converting Australian dollars to Bitcoin and altcoins is not all that easy right now.
CoinJar’s exchange might make a big difference in this regard. It has been built to focus on speed, agility, and providing easy access to cryptocurrencies as a whole. Among the supported currencies are Bitcoin, Ether, Litecoin, and XRP, though more currencies may be added in the future. It is interesting to note that Bitcoin Cash is absent from this list, although things may change in the coming weeks and months.
While this may seem like just another exchange, CoinJar is intent on offering additional features. Providing access to live order books, market depths, and price charts is one of its main priorities. Additionally, the company is intent on making this venture as consumer-friendly as possible, regardless of one’s previous experience with cryptocurrency exchanges. The flexible interface will certainly contribute to that particular goal.
It is evident that the main selling point of this new platform will be the option to convert AUD to the supported cryptocurrencies. All supported currencies have their own AUD pairs, along with BTC markets for Ether, Litecoin, and XRP. Additional markets may be added in the future, but that will mainly depend on how users respond to the available listings.
One thing that may be a problem for a lot of users is that there are different ‘tiers’ of fees to contend with. Free accounts will have a 1% taker fee and a 1% maker fee. It will be possible to pay for trader, premium, and institutional options, ranging from AUD$500 to AUD$5,000 or more per year. These paid subscriptions will result in lower fees, access to email support, a different site theme, and so forth. Offsetting the costs of such paid subscriptions will be a bit challenging,
Even so, the CoinJar Exchange may bring some much-needed competition to the Australian cryptocurrency industry. Providing more ways for consumers to convert Australian dollars to their favorite cryptocurrencies can only be considered a good thing. Whether or not this exchange will be successful is a different matter altogether.